Wedge Capital Management L L P NC Cuts Stock Holdings in Autodesk, Inc. $ADSK

Key Points

• Wedge Capital Management has reduced its holdings in Autodesk, Inc. by 2.7%, now owning 207,100 shares valued at approximately $64.11 million, representing 1.1% of its portfolio.
• Several hedge funds have increased their positions in Autodesk, with CX Institutional increasing theirs by 12.7% during the second quarter.
• Wall Street analysts have collectively raised their price targets for Autodesk, with a consensus target of $356.83 and a majority rating of "Moderate Buy".

Wedge Capital Management L L P NC lowered its position in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 2.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 207,100 shares of the software company's stock after selling 5,688 shares during the quarter. Autodesk makes up approximately 1.1% of Wedge Capital Management L L P NC's holdings, making the stock its 14th biggest holding. Wedge Capital Management L L P NC owned approximately 0.10% of Autodesk worth $64,112,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ADSK. SouthState Corp grew its holdings in Autodesk by 500.0% during the 1st quarter. SouthState Corp now owns 96 shares of the software company's stock worth $25,000 after acquiring an additional 80 shares during the last quarter. Costello Asset Management INC bought a new stake in Autodesk during the 1st quarter worth about $26,000. Close Asset Management Ltd bought a new stake in Autodesk during the 1st quarter worth about $27,000. Cheviot Value Management LLC bought a new stake in Autodesk during the 1st quarter worth about $27,000. Finally, Flaharty Asset Management LLC bought a new stake in Autodesk during the 1st quarter worth about $27,000. Institutional investors own 90.24% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on ADSK shares. Mizuho raised their target price on shares of Autodesk from $350.00 to $375.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Macquarie raised their target price on shares of Autodesk from $360.00 to $380.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. KeyCorp raised their target price on shares of Autodesk from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, August 29th. Stifel Nicolaus raised their target price on shares of Autodesk from $350.00 to $375.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Finally, Morgan Stanley increased their price target on shares of Autodesk from $370.00 to $385.00 and gave the company an "overweight" rating in a research report on Sunday, August 31st. Seventeen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $356.83.

Insider Buying and Selling at Autodesk

In other news, EVP Rebecca Pearce sold 6,129 shares of the business's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $323.06, for a total value of $1,980,034.74. Following the completion of the sale, the executive vice president owned 13,311 shares of the company's stock, valued at approximately $4,300,251.66. The trade was a 31.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Steven M. Blum sold 22,420 shares of the business's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $323.75, for a total transaction of $7,258,475.00. Following the completion of the sale, the executive vice president directly owned 13,099 shares of the company's stock, valued at approximately $4,240,801.25. The trade was a 63.12% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 40,830 shares of company stock worth $13,123,341. Insiders own 0.15% of the company's stock.

Autodesk Stock Performance

ADSK stock traded down $0.77 during midday trading on Tuesday, reaching $323.62. 574,406 shares of the company were exchanged, compared to its average volume of 1,621,448. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.76 and a quick ratio of 0.76. The business has a 50-day moving average price of $302.99 and a two-hundred day moving average price of $289.00. Autodesk, Inc. has a one year low of $232.67 and a one year high of $329.09. The firm has a market capitalization of $68.93 billion, a price-to-earnings ratio of 67.00, a price-to-earnings-growth ratio of 2.86 and a beta of 1.49.

Autodesk Profile

Autodesk, Inc provides 3D design, engineering, and entertainment technology solutions worldwide. The company offers AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects; BuildingConnected, a SaaS preconstruction solution; AutoCAD, a software for professional design, drafting, detailing, and visualization; AutoCAD LT, a drafting and detailing software; computer-aided manufacturing (CAM) software for computer numeric control machining, inspection, and modelling for manufacturing; Fusion 360, a 3D CAD, CAM, and computer-aided engineering tool; and Industry Collections tools for professionals in architecture, engineering and construction, product design and manufacturing, and media and entertainment collection industries.